This breakfast briefing will take a look at the outlook for the risk reduction market - looking in particular at how schemes can best prepare to conduct an insurance transaction, capacity in the market as well as the key factors that are likely to affect both pricing and demand.

Professional Pensions Investment Conference has gathered a great following and is a widely respected event which brings together senior decision makers within public and private sector pension schemes.

So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).

In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.

Corporate restructuring partner Hunter Kelly said the solvency and trading prospects of the employer would need to be considered so that trustees could ensure deficits were funded in an appropriate timescale without jeopardising the long-term viability of the employer.

These obligations, Kelly said, were adding to an already onerous task facing trustees.

He said: “There are real business problems being experienced as a result of defined benefit pensions – funders and trading partners are taking an increasing interest in the pension position and credit limits and cash is getting tighter.

“The Pension Protection Fund cannot currently be relied upon when a corporate’s future is uncertain.

“And even if the position appears to be secure now, reviews should be carried out regularly with the co-operation of the employer wherever possible”.